From: Jerry Fan [jfan@nuconnet.com]
Sent: Wednesday, November 07, 2001 4:19 PM
To: rule-comments@sec.gov
Subject: Proposal 33-7656, File S7-10-99
To whom it may concerns:
66,000 or more Canadian citizens live in the States would welcome the proposed
changes. This proposal has been in place for two and half years. Enough has been
said about the unfair and very restrictive existing rules. When can we see it
being made into a law/regulation? I wish SEC's website would publish the status
of and the planned actions on the proposals so people would know what results
and how long we can keep waiting for. Would someone from SEC reply to my e-mail?
There must be complications with respect to the rule changes. For majority of
affected people, RRSP (registered retirement saving plans in Canada) is the
paramount and maybe the only concern. One can not contribute to the plan without
employment income in Canada for the year concerned. People left Canada neither
can make new contribution nor receive tax reduction, which is the reason for the
contribution. But one do need and should have the right to manage their portfolios
in mutual funds. The current rule does not even allow for switching between the
funds in the same fund family. For the past one year and half, people like myself
was sitting there watching the retirement money in mutual funds going down the
drain but couldn't make any adjustment. If SEC can't satisfy other concerns very
soon, please relax the rule in this aspect now.
Jerry Fan
Vernon Hills, IL 60061-3163